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Jun 13, 2019

Politics I The Washington Post I Trump’s company sells California mansion to firm linked to Indonesian billionaire, a business partner

By Jonathan O'Connell

6-7 minutes

The
property at 809 North Canon Drive in Beverly Hills, California, in a
satellite image from Google Earth. The 5,400-square-foot mansion was
recently sold. (Google Earth)

Jonathan O'Connell
Reporter covering economic development with a focus on commercial real estate and the Trump Organization

Alice Crites
Researcher and librarian who specializes in government and politics

June 13 at 4:37 PM

President
Trump’s company has quietly sold one of his last remaining properties
in California — a 5,400-square-foot Beverly Hills mansion that county
records show was purchased by a corporate entity linked to an Indonesian
billionaire and Trump business partner.

A deed
registered with L.A. County on May 31 shows that Trump’s eldest son,
Donald Trump Jr., signed the property over to Hillcrest Asia Ltd., a
company registered in the British Virgin Islands. The price tag: $13.5
million, nearly double what Trump paid for the house when he bought it
in 2007.

The purchaser address listed on the
deed is a Beverly Hills condominium owned by a firm belonging to Hary
Tanoesoedibjo, a billionaire media executive who ran for vice president
of Indonesia in 2014.

He is Trump’s business
partner on two projects in Indonesia — a resort on the island of Bali
and a golf course and resort in the forests of West Java, south of the
capital city of Jakarta. Tanoesoedibjo has said he expects that the
projects will be worth more than $500 million when completed.

A
woman reached by phone at the condominium, who declined to give her
name, said she knew the family and had heard of the purchase but was not
prepared to make a statement. Calls to other phones for the
Tanoesoedibjo family were not returned.

Billionaire
Hary Tanoesoedibjo, founder of MNC Group, poses for a photograph in
Jakarta, Indonesia, in January 2017. A company owned by Tanoesoedibjo
bought the Beverly Hills mansion the Trump Organization recently sold.
(Dimas Ardian/Bloomberg News)

The Trump
Organization did not respond to questions about the property, but Eric
Trump, who is managing the company with Donald Trump Jr. while their
father is in the White House, told the Real Deal Los Angeles
website that “given my father’s presidency and our hectic schedules,
our family has not had the chance to enjoy the property in recent years
and it has seen minimal use. As such, it simply made sense to sell.”
News of the sale was first reported by the Real Deal site.

Trump
bought the property, at 809 North Canon Drive, for $7 million in 2007,
according to L.A. County land records. The county assessed the property
last year at $8.3 million.

From before he was
president, Trump did not appear to use the house frequently — even when
he visited Los Angeles. In those instances, he often stayed at the
nearby Beverly Hills Hotel. The house did not appear to be rented out:
in his financial disclosures, Trump said he never received income from
it. Property taxes were $96,000 per year, L.A. County records show.

Trump
briefly owned a second house on the same block, selling that property
for $10.3 million in 2008, according to public records.

Trump still owns a golf club in nearby Rancho Palos Verdes.

His
business dealings are drawing intense scrutiny from Democratic
lawmakers and government ethics experts who say there is no effective
check on people who would seek influence with the White House by
spending money on Trump’s real estate.

Trump
has sold other properties since entering office, including a warehouse
in South Carolina, land in the Dominican Republic and condos in his Las
Vegas hotel, according to his government disclosure forms and public
records.

The U.S. Constitution bars the
president from receiving gifts or payments from foreign leaders. Trump
is fighting two federal lawsuits that claim he is running afoul of that
prohibition by accepting business from foreign dignitaries at his
hotels.

The $13.5 million sale price of the
Beverly Hills mansion is likely to exacerbate ethics concerns. The
property was sold off-market — meaning it was not listed for sale
publicly — and Beverly Hills real estate experts said they were
surprised at the high price.

The median home
value in Beverly Hills has gone up from $2.3 million in early 2007 to
$3.5 million this year, a 52 percent increase, according to analysis
from Zillow. Trump sold his home for 93 percent more than he paid for it
in 2007.

Trump “got a really good price,” said Luis Pezzini, the chief executive of Pezzini Luxury Homes in West Hollywood.

“Seems
a little rich, to be perfectly frank,” Pezzini said. “Unless there’s
something spectacular about this [house] that I’m missing.”

Pezzini
said he had a listing nearby with a larger home and lot size — as well
as a tennis court — and expected to get slightly less than the $13.5
million Trump received.

Tanoesoedibjo’s main
business is media, as his MNC Group in Indonesia owns television
stations and broadband businesses, but he also has finance and natural
resources companies.

He and the Trump family
know each other well, and beginning in 2015, he signed deals to partner
with Trump on the two enormous projects in West Java and Bali, where he
owns land.

Tanoesoedibjo attended Trump’s inauguration, posing
for photos with Eric and Lara Trump at Trump’s D.C. hotel the day after
the inauguration. He has said he has considered running for president
in his country, with Trump as an inspiration.

Joshua Partlow in Washington and Rob Kuznia in Los Angeles contributed to this report

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